Four mutual funds have cut their investment in Uber by as much as 15% after the ride-hailing company weathered a year riddled with scandal, Reuters reported.
Vanguard Group, Principal Funds and Hartford Funds each marked down their Uber shares by 15% to $41.46 per share in June, according to recently released filings. T. Rowe Price Group Inc (TROW) - Get Report cut its estimated Uber share price by more than 12% to $42.73 during the second quarter. Fidelity Investments maintained its $48.77 estimate as of the end of Q2.
Uber's recent speedbumps include a federal probe into its use of technology to avoid regulatory standards, CEO Travis Kalanick's recent forced exit from the company, a string of sexual harassment scandals and a trade secrets lawsuit filed by Alphabet's (GOOGL) - Get Report self-driving unit Waymo.
Uber has been valued at $68 billion.
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